The CEO of asset manager VanEck, Jan vanEck, in an interview with Barrons forecasted the price of the first cryptocurrency to rise to $250,000.
“But this could take decades. It\’s hard to set a time frame for it,” he added.
According to VanEck, Bitcoin has a bright future and is set to reach half of gold\’s market capitalization, which stands at about $10.6 trillion.
The VanEck CEO noted the gradual adoption of the first cryptocurrency by institutional investors and governments around the world. He also highlighted the benefits of blockchain for improving efficiency and reducing risks in the financial system.
According to VanEck, investors should allocate 0.5%-3% of capital to Bitcoin, but he highlighted a larger share due to his belief in the asset\’s prospects. The top executive has also owned Ethereum since 2019 and is optimistic about the altcoin\’s prospects.
“I like the idea of buying something, putting it in my portfolio and not worrying about it,” he added.
Regarding the Bitcoin-ETF, the VanEck head said the US Securities and Exchange Commission does not want to approve the instrument until it gains jurisdiction over crypto exchanges. He doubted the passage of the relevant bill in 2022 due to the US Senate elections.
Earlier, MicroStrategy chief Michael Saylor called Bitcoin “the most reliable thing in a volatile world”.
Earlier in June, BitMEX co-founder Arthur Hayes said that the prices of digital gold have already reached the bottom of the current cycle.
In late May, JPMorgan analysts called Bitcoin a fair price of $38,000.
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